V.O. Chidambaranar Port Trust has signed a concession agreement with Transstroy - OJSC Consortium for works related to North Cargo Berth-IV project at Tuticorin district of Tamil Nadu.

The Port Trust has signed concession agreement with Transstroy - OJSC Consortium for development of North Cargo Berth-IV and construction of shallow draught berth to handle cement and related raw material.

The V.O. Chidambaranar Port Trust is planning to develop North Cargo Berth-IV for handling bulk cargoes (Thermal coal and copper concentrate) through PPP mode on DBFOT basis. The capacity of North Cargo Berth-IV project will be 9.15 million tpa with an estimated cost of Rs 355 crore, while the 2.67 million tpa Shallow draught Berth will come up with an investment of Rs 84.08 crore. The projects are expected to be completed in 24 months from the date of signing concession agreement.

The Port Trust has approved the proposal of Transstroy to have 30 per cent revenue share in the cargo berth project and 22 per cent gross revenue share in the berth draught project.